We use continuous model theory to obtain several results concerning isomorphisms and embeddings between II 1 factors and their ultrapowers. Among other things, we show that for any II 1 factor M, there are continuum many nonisomorphic separable II1 factors that have an ultrapower isomorphic to an ultrapower of M. We also give a poor man's resolution of the Connes Embedding Problem: there exists a separable II 1 factor such that all II1 factors embed into one of its ultrapowers.